Inspiration Capital hits first close on debut China fund

The overall target is $150 million, according to a source close to the situation. There are two anchor LPs, a leading Asian institutional investor and a Europe-headquartered fund-of-funds. Inspiration declined to comment on fundraising.

The strategic focus is mid-market growth and control investments in China's healthcare, consumer, and financial business services sectors. Inspiration only pursues deals where it has outright control or holds a minority position with significant influence and downside protection, the source added.

Approximately $30 million has been deployed to date. The firm’s first investment is in New Frontier Vitality, a Chinese homecare and rehabilitation services chain incubated by New Frontier Group. The deal was completed last October and the asset was warehoused by the European anchor LP.

The second investment is a growth-stage commitment to a premium specialty pet care chain alongside a global strategic player.

Inspiration was founded in 2019 by Hwachie Lee and Tim Li, who first met as classmates at the University of Pennsylvania's Wharton School. They both graduated in 2001.

Lee was previously China CIO and an investment committee member at Vivo Capital, a global healthcare-focused private equity firm. Before that, he was CIO of China Everbright and served as a principal with The Blackstone Group, sourcing and executing deals in China. Lee started his career in investment banking.

Li was formerly a partner at Goldman Sachs Principal Investment Area (GSPIA). Earlier roles included working in the healthcare and financial institutions groups at Deutsche Bank. 

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• Topics
• Greater China
• Fundraising
• Technology
• Healthcare
• Growth
• GPs
• China
• Inspiration Capital